2283.16 - Principles of Microeconomics

Course number
Principles of Microeconomics
Upper secondary diploma with B-level mathematics. No prior knowledge of economics is required for course participation.
The purpose of Principles of Microeconomics is to provide students with a first insight into economic thinking with as little use of mathematics as possible.
The course is an introduction to fundamental economic issues and economic thinking. The course will examine a series of fundamental principles of economics that have an impact on the economic decisions made by households, business, public authorities, politicians, etc., as well as on a rational understanding of how a political economy works. The course describes how households and businesses take economic decisions and how these decisions are coordinated through different markets. The course offers insight into how the market mechanism operates, the advantages and disadvantages of a free market, the advantages and disadvantages of state market regulation, the advantages and disadvantages of international trade, the impact of the physical characteristics of goods and services for rational market regulation, as well as the impact of different forms of competition (monopoly, duopoly, etc. on consumer welfare.
Learning and teaching approaches
The course bibliography will be discussed in lectures. During class-based exercises students will present solutions to assignments in the course bibliography.
Learning outcomes
The successful student can demonstrate ability to: - Analyse how rational consumers choose between different options, conditioned by prices and income - Analyse how producers choose a production plan when seeking to maximize profit - Analyse equilibriums and Pareto optimality in an economy with two actors - Analyse the economic behaviour of businesses and their interplay on different markets (perfect competition, monopoly, duopoly, etc.) - Analyse the impact of the characteristics of different goods and services (private good, public goods etc.). - Analyse market equilibriums and changes to these when the economic environment changes
Assessment method
Oral examination lasting 20 minutes with 40-minute preparation time. Students are allowed to bring the course bibliography and other materials from the classes into the preparation room.
Marking scale
Will be available at the department
Jóannes Jacobsen